Réquired: 1. Compute cost of goods available for sale and the number of units available for sale.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Date
Activities
January 1
February 10
March 13
March 15
Units Acquired at Cost
@ $45.00 per unit
@ $42.00 per unit
@ $27.00 per unit
Units Sold at Retail
Beginning inventory
Purchase
Purchase
Sales
Purchase
645 units
490 units
245 units
980 units
@ $75.00 per unit
August 21
September 5
September 10 Sales
145 units
545 units
@$50.00 per unit
@ $46.00 per unit
Purchase
690 units
@ $75.00 per unit
Totals
2.070 units
1,670 units
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
Cost of goods available for sale
ces
Number of units available for sale
units
2. Compute the number of units in ending inventory.
Ending inventory
units
Transcribed Image Text:Date Activities January 1 February 10 March 13 March 15 Units Acquired at Cost @ $45.00 per unit @ $42.00 per unit @ $27.00 per unit Units Sold at Retail Beginning inventory Purchase Purchase Sales Purchase 645 units 490 units 245 units 980 units @ $75.00 per unit August 21 September 5 September 10 Sales 145 units 545 units @$50.00 per unit @ $46.00 per unit Purchase 690 units @ $75.00 per unit Totals 2.070 units 1,670 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale ces Number of units available for sale units 2. Compute the number of units in ending inventory. Ending inventory units
Expert Solution
Context:

Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods

Goods available for sale: it is the total of finished goods that can be sold.

Ending inventory: it is the total of inventory that are unsold in the period.

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